Product Code: 66289
The market for propane is expected to grow at a CAGR of over 3% during the forecast period 2019 - 2024. Major factors driving the market studied are the growing demand from the automobile, and metalworking industries. Harmful effects of Propane at higher concentrations is expected to affect the growth of the market studied.
- Petrochemical and construction industry dominated the market in 2018. The market is expected to grow during the forecast period owing to the rapidly growing construction industry across the globe.
- The increasing usage of propane in power generation is likely to act as an opportunity in the future.
- North America dominated the global market with the largest consumption being from the United States and Canada.
Key Market Trends
Metalworking and Construction Industry to dominate the market
- Propane is acquired from natural gas and petroleum wells. It is a clean-burning, versatile fuel, also known as fossil fuel. It is used in homes, on farms, by business, in industry, transportation, etc.
- The application of propane in metalworking is to fuel the cutting torches and other equipment. In Industries propane is used for soldering, vulcanizing, and other processes that need a ready heat source.
- Portable propane heaters are used as a source of heat for construction and road workers in cold weather. Propane heaters in construction sites are used to dry concrete, plaster, and fuel pitch.
- As propane is a very low-emission fuel, forklift trucks powered by propane can operate safely inside factories and warehouse.
- The factors mentioned above are considered to drive the propane market over the forecast period.
North America Region to Dominate the Market
- North America dominated the global market share in 2018. With growing construction activities and the increasing need for clean fuel sources in countries such as united states and Canada, the usage of propane is increasing in the region.
- According to the US Census Bureau, in 2018 the value of construction in the United States was around USD 1,293,256 million. The share from the residential sector was about USD 545,388 million, and non-residential was approximately USD 747,868 million.
- Canada's GDP of the construction industry in 2018 was about USD 106.13 billion. Canada's construction industry is one of the largest in the North American region, and over the forecast period, it is expected to grow significantly. This is in-turn expected to increases the consumption of propane.
- Propane is clean-burning and one of the more reliable and efficient fuel sources. With growing construction industry there is demand for propane in the residential sector, that is in furnaces, water heaters, fireplaces and patio heaters, ovens and cooktops, fridges and dryers, pool heaters and generators, etc.
- Hence, from the above mentioned factors, the demand for propane in North America is expected to rapidly increase over the forecast period.
The global propane market is highly fragmented. The major companies include ExxonMobil, BP, Royal Dutch Shell, Sinopec, etc.
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Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Increase in Demand from Automotive & Metalworking Industries
- 4.1.2 Demand in Petrochemical Industry
- 4.2 Restraints
- 4.2.1 Harmful effects of Propane at higher concentrations
- 4.2.2 Other Restraints
- 4.3 Industry Value-Chain Analysis
- 4.4 Porters 5 Force Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 End-user
- 5.1.1 Transportation
- 5.1.2 Residential
- 5.1.3 Agriculture
- 5.1.4 Commercial
- 5.1.5 Industrial
- 5.1.6 Chemicals and Refineries
- 5.1.7 Others
- 5.2 Geography
- 5.2.1 Asia-Pacific
- 18.104.22.168 China
- 22.214.171.124 India
- 126.96.36.199 Japan
- 188.8.131.52 South Korea
- 184.108.40.206 Rest of Asia-Pacific
- 5.2.2 North America
- 220.127.116.11 United States
- 18.104.22.168 Canada
- 22.214.171.124 Mexico
- 5.2.3 Europe
- 126.96.36.199 Germany
- 188.8.131.52 United Kingdom
- 184.108.40.206 Italy
- 220.127.116.11 France
- 18.104.22.168 Rest of Europe
- 5.2.4 South America
- 22.214.171.124 Brazil
- 126.96.36.199 Argentina
- 188.8.131.52 Rest of South America
- 5.2.5 Middle East & Africa
- 184.108.40.206 Saudi Arabia
- 220.127.116.11 South Africa
- 18.104.22.168 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 Anadarko Petroleum Corp
- 6.4.2 BP
- 6.4.3 Chevron Corporation.
- 6.4.4 ConocoPhillips
- 6.4.5 DowDuPont
- 6.4.6 Eni S.p.A
- 6.4.7 ExxonMobil
- 6.4.8 Royal Dutch Shell
- 6.4.9 Sinopec
- 6.4.10 Total SA
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Usage of Propane in Power Generation
- 7.2 Other Opportunities